Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Leo Kolivakis, 26 September 2017
Don’t call it a comeback just yet.
As Bloomberg News reported on Tuesday, hedge fund manager Steven A. Cohen is preparing to raise as much as $10 billion from outside investors in 2018 for a new fund. Combined with his personal fortune of $11 billion, the fund could oversee more than $20 billion, which would make it the largest U.S. hedge fund launch in history. Continue reading “Article: Steven Cohen’s Dubious Rerun?”
The Astonishing Return Of Steven Cohen
RONALD OROL, 26 September 2017
In 2013, an insider-trading scandal took apart billionaire Steve Cohen’s otherwise incredibly successful hedge fund.
But surprising, perhaps shockingly, at least for those who haven’t followed the situation closely, Cohen is back. A 2016 settlement with the Securities and Exchange Commission will allow the beleaguered money-manager to accept outside money starting in January. Cohen hasn’t said whether he wants to take on other investors, but the consensus opinion is that he will the second he’s permitted. Expect to find lots of willing investors ready to allocate capital to his funds – and the intense glare of the nation’s securities regulator watching his every move. Continue reading “Article: The Astonishing Return Of Steven Cohen”
Jamie Dimon is being accused of market abuse in Sweden for badmouthing bitcoin
Joon Ian Wong, 21 September 2017
Remember when Jamie Dimon called bitcoin “a fraud” a week ago? Well, it turns out that the JPMorgan chief executive could have been flouting European market abuse laws by shooting his mouth off. At least, that’s what one complaint to the Swedish financial regulator alleges.
The complaint was lodged by Florian Schweitzer, the managing partner of a London firm called Blockswater, a bitcoin market-maker that trades about $25 million a month. At issue is an alleged link between Dimon’s comments and, a few days later, JPMorgan emerging as one of the most active buyers of a bitcoin tracker fund called Bitcoin XBT. Bitcoin XBT is an exchange-traded note that’s listed on Nasdaq Nordic in Stockholm. It effectively lets clients hold bitcoin without worrying about how to store it securely.
The price of bitcoin fell as much as 24% between the day Dimon verbally thrashed it and the day of the XBT trades. Widely followed finance blog Zero Hedge seized on this and accused JP Morgan of either buying bitcoin on the cheap for itself, or helping its clients do so.
But before we get carried away with notions of Dimon playing the media to pick up bitcoin on the cheap, there’s a less nefarious reason for the XBT trade: JPMorgan told Reuters that it was just acting as a broker for clients who wanted to buy into the fund. “They are not JPMorgan orders,” a JPMorgan spokesperson told Reuters. “These are clients purchasing third-party products directly.”
In any case, Schweitzer has presented the facts to the Swedish regulator and asked them to investigate. He notes in his complaint that market abuse in Sweden is punishable by up to two years in jail. The Swedish regulator said it does not comment “if we are looking into matters like this or not.” We’ve contacted JPMorgan but have not heard back.
TTC suing Manulife for alleged negligence related to benefits fraud scheme
The Canadian Press, 21 September 2017
TORONTO — The Toronto Transit Commission is suing Manulife Financial for alleged negligence in connection with a benefits fraud scheme that first came to light three years ago. To date, 170 TTC employees have been dismissed, retired or have resigned to avoid dismissal, and 10 former employees are facing criminal charges for their part in the alleged fraud. In a statement of claim — filed in the Ontario Superior Court of Justice — the TTC alleges Manulife Financial did not have appropriate fraud management controls in place nor were there systems in place to detect and analyze unusual trends or patterns that might indicate fraud or abuse.
Continue reading “Article: TTC suing Manulife for alleged negligence related to benefits fraud scheme”
TTC suing Manulife for up to $5M over failure to spot employee fraud
NEWS STAFF, 21 September 2017
The TTC is suing Manulife Financial for up to $5 million for failing to spot and stop a large-scale scheme that saw employees allegedly bilk the transit agency with phony benefits claims. An investigation into the allegations of mass fraud are ongoing, but the TTC says so far 170 employees have been fired or resigned. Ten former employees are facing criminal charges in connection with the probe.
The TTC has filed a statement of claim in the Ontario Superior Court of Justice against Manulife. (Read full document below.) The claim alleges Manulife, which provided group benefits for the TTC, represented itself as an industry leader in combating fraud and benefits abuse. It also claimed to have systems in place to detect irregularities and weed out employee fraud.
Continue reading “Article: TTC suing Manulife for up to $5M over failure to spot employee fraud”
SEC, 20 September 2017
We are offering ordinary shares, par value NIS 0.01 per ordinary share. The offering price is $ per ordinary share. Our ordinary shares are listed on the NASDAQ Capital Market under the symbol “RWLK.” The last reported sales price of our ordinary shares on September 19, 2017 was $1.70 per ordinary share.
We are an “emerging growth company” as defined under the federal securities laws and, as such, may continue to elect to comply with certain reduced public company reporting requirements in future reports.
Investing in our ordinary shares involves a high degree of risk. See “Risk Factors” beginning on page 6 of this prospectus as well as the risk factors and other information in any documents we incorporate by reference into this prospectus. See “Where You Can Find More Information” and “Incorporation of Certain Documents by Reference.”
After the Boss Calls Bitcoin a ‘Fraud’ — JP Morgan Buys the Dip
Jamie Redman, 16 September 2017
Just recently news.Bitcoin.com reported on JP Morgan executive Jamie Dimon calling bitcoin a “fraud” and claiming he would fire any employee from his firm who traded the digital currency for being “stupid.” Now it seems JP Morgan has been caught red-handed purchasing a bunch of XBT shares, otherwise known as exchange-traded-notes, that track the price of Bitcoin.
According to public records of Nordnet trading logs, the two associated firms JP Morgan Securities Ltd., and Morgan Stanley bought roughly 3M euro worth of XBT note shares. Interestingly after the recent regulatory crackdown in China, and the statements from JP Morgan’s senior executive Jamie Dimon talking trash about bitcoin, his firm bought the dip on September 15. In fact, out of all the companies on the list, like Goldman Sachs and Barclays, the JP Morgan team of buyers purchased the most XBT notes.
Steven Cohen’s Billions Complicate Return of Glory Days
Nir Kaissar, 08 September 2017
(Bloomberg Gadfly) — Don’t call it a comeback just yet. As Bloomberg News reported on Tuesday, hedge fund manager Steven A. Cohen is preparing to raise as much as $10 billion from outside investors in 2018 for a new fund. Combined with his personal fortune of $11 billion, the fund could oversee more than $20 billion, which would make it the largest U.S. hedge fund launch in history. Continue reading “Article: Steven Cohen’s Billions Complicate Return of Glory Days”
SPRUCE POINT CAPITAL ISSUES “STRONG SELL” RESEARCH OPINION ON TSO3
ValueWalk, 23 August 2017
TSO3 Inc. (“TSO3” or “the Company”) makes low-temperature sterilization systems to eliminate microbial contaminants that cause infection. Founded in 1998, TSO3 is a regular stock promotion that has repeatedly disappointed investors by failing to broadly commercialize its product and show a profit. Déjà vu, now on its 3rd attempted generation STERIZONE VP4 and its 3rd sales/distribution partner Getinge (previous partner 3M sued it), TSO3 is again baiting investors, who’ve bid its share price up 6x since 2014. Our fundamental and forensic analysis suggests investors should brace for disappointment and >80% downside.
The Canadian markets are littered with recent examples of healthcare stocks in need of urgent medical attention, wounded from over-promotion, questionable practices, and poor performance. Short sellers made early warning calls on many names down >80%: Valeant, Concordia, Nobilis, CRH Medical.
Continue reading “Article: SPRUCE POINT CAPITAL ISSUES “STRONG SELL” RESEARCH OPINION ON TSO3”
Spruce Point Capital Releases a Strong Sell Research Opinion on TSO3, Inc. (CN:TOS, OTC:TSTIF)
Spruce Point Capital Management, 23 August 2017
In late January 2021, GameStop experienced a once-in-a-decade squeeze that has captivated the world’s attention. It was a premeditated and programmatic exercise, orchestrated by coordinated stock and option buying across the retail and professional community, resulting in large institutional entities losing billions of dollars. Investment houses with significant short positions did not expect a stock with GameStop’s fundamental profile to increase +2,500% in price over less than three weeks; therefore, they did not have the controls in place to handle the incredible levels of stock and call option purchases. The frenzy drew comments from the White House, provoked a social media crackdown, caused brokerage units to restrict trading, and has led to a Congressional hearing on GameStop on Thursday, February 18th.
Continue reading “Article: Spruce Point Capital Releases a Strong Sell Research Opinion on TSO3, Inc. (CN:TOS, OTC:TSTIF)”
Ridgefield hedge fund manager, firms to pay nearly $13 million in SEC case
Kevin Zimmerman , 22 August 2017
U.S. District Judge for the District of Connecticut Robert N. Chatigny has ordered hedge fund manager Stephen Hicks of Ridgefield and his investment advisory businesses to pay nearly $13 million in a case where the Securities and Exchange Commission alleged he illegally diverted investor money for use by other hedge funds that were illiquid and in need of cash.
The SEC has been actively litigating the case since filing its complaint in 2010 against Hicks and his firms Southridge Capital Management LLC and Southridge Advisors LLC, maintaining that investors were defrauded because they were not told about the transfers of hedge fund assets while they were taking place. Continue reading “Article: Ridgefield hedge fund manager, firms to pay nearly $13 million in SEC case”
Court Orders Hedge Fund Advisers to Pay $12.9 Million in SEC Fraud Case
Elizabeth Dalziel, 22 August 2017
On August 2, 2017, a federal court in Connecticut ordered Steven Hicks (“Hicks”), a hedge fund manager, and his hedge fund advisory firms to pay almost $13 million. This payment includes disgorgement and a penalty. In 2010, the Securities and Exchange Commission (“SEC”) filed a complaint against Hicks and his two hedge fund advisers, Southridge Capital Management LLC (“Southridge Capital”) and Southridge Advisors, LLC (“Southridge Advisors”).
The complaint alleged that Hicks, Southridge Capital, and Southridge Advisors committed fraud by placing investor money in illiquid securities when investors were told that “at least 75% of their money would be invested in unrestricted, free-trading shares.” Continue reading “Article: Court Orders Hedge Fund Advisers to Pay $12.9 Million in SEC Fraud Case”
Top Wall Street Banks Accused of Conspiracy to Control Stock Lending Market Via Threatening Tactics and Boycotts
Cohen Milstein, 17 August 2017
Goldman Sachs, JP Morgan, UBS, Credit Suisse, Morgan Stanley and Bank of America Face Antitrust Allegations
NEW YORK—Several of the world’s largest investment banks have colluded, in violation of federal antitrust laws, to create and maintain exclusive control of the more than $1 trillion stock loan market, reaping massive profits at the expense of investors, according to three public employees’ pension funds which today filed a federal class action lawsuit. The suit alleges that since at least 2009, six of the world’s largest investment banks—Bank of America, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and UBS—have illegally conspired to overcharge investors and maintain the power they hold over the stock loan market, obstructing multiple efforts to create competitive electronic exchanges that would benefit both stock lenders and borrowers. Continue reading “Article: Top Wall Street Banks Accused of Conspiracy to Control Stock Lending Market Via Threatening Tactics and Boycotts”
Feds file fraud charge in Columbia Sportswear hacking case
Jeff Manning, 11 August 2017
Federal prosecutors sent a message to would-be hackers Thursday, filing a single count of computer fraud against Michael Leeper, the former Columbia Sportswear information technology manager who allegedly continued to log in to the company’s computer system for years after he quit.
Leeper worked for Columbia for 14 years, topping out as director of technical infrastructure, which gave him virtually unlimited access to Columbia’s computer systems. Leeper quit in 2014 to join a Seattle technology company. Prosecutors claim he continued to access Columbia’s system for more than two years with the hopes of commercial gain
Continue reading “Article: Feds file fraud charge in Columbia Sportswear hacking case”
JPMorgan Fined for Bad Trade Surveillance Parameter Settings
Trillium, 1 August 2017
Last week, the enforcement divisions of the three major exchange groups released a settlement agreement with JP Morgan Securities imposing an $800,000 fine for inadequate pre-trade controls and post-trade surveillance.
The post-trade surveillance portion of the settlement agreement revealed that JPMS used an unnamed “commercial non-proprietary Third-Party Surveillance System” (it wasn’t Surveyor), but set the parameters of that system “at levels that were unreasonable to detect activity that may be indicative of layering and spoofing activity.”
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
